Second Life forced to close banks

January 14, 2008

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Linden Lab, owner of Second Life, have been forced to close all banks within the virtual world due to fraudulent business dealings within the virtual world. They state that they were never responsible for the transactions but solely the software. Linden lab have said that banks must ensure they produce proof of an applicable government registration statement or financial institution charter. Technology Review first published the story when they cited the possibility that one virtual meltdown may have produced losses of up to $700,000 in real money.

Posted by Jamie Coomber | Filed Under Blog, Financial, Social network, newsMiddle  | Post a comment

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